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How much amount can a person get on a sum of Rs6,600, if it is invested at 6.2% per annum for a period of 2 years 6 months on
simple interest?
Rs7,222
Rs7,623
Rs7,852
Rs7,546
- To calculate simple interest, use the formula: Interest=Principal×Rate×Time
- For a principal of Rs6,600 at 6.2% per annum for 2.5 years:
Interest=6600×6.2100×2.5
- This gives an interest of Rs1,023.
- Total amount is the sum of principal and interest:
6600+1023=7623
- Option 1: Rs7,222 - Less than the calculated amount.
- Option 2: Rs7,623 - Matches the calculated amount.
- Option 3: Rs7,852 - More than the calculated amount.
- Option 4: Rs7,546 - Less than the calculated amount.
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